How indebted is your state? Is debt entirely bad?
Today, let’s look at Lagos state debt status.
Among the 36 states in Nigeria, Lagos State owes the most. According to the 2022 #StateofStates report, Lagos’ total debt was N1.21tn as of December 2021. 1/6
Today, let’s look at Lagos state debt status.
Among the 36 states in Nigeria, Lagos State owes the most. According to the 2022 #StateofStates report, Lagos’ total debt was N1.21tn as of December 2021. 1/6
Lagos state is also the most affected by changes in the price of the Dollar-to-Naira as its foreign debt makes up almost half (45.53%) of its total debt. 2/6
For example, despite reducing its foreign debt by $72.96m in 2021, its foreign debt increased by N16.27bn when the Naira fell in value from N380 in 2020 to N412.99/$1 in 2021. 3/6
Debt, in itself, is not always bad, it is a normal aspect of a business or government. However, the idea is for it not to go beyond unreasonable limits. 4/6
Although the state ranked 24th on the debt sustainability index, it appears to be within the sustainable debt limits as it had a healthy debt to GDP, debt to revenue, debt service to revenue ratio, and personnel cost to revenue ratio in 2021. 5/6
Get a quick read and access the full report here: stateofstatesreport.yourbudgit.com
#Stateofstates #dataoftheday 6/6
#Stateofstates #dataoftheday 6/6
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